O-LevelAccountingSources and recording of data7707/11 · May/June 2015 · Q81 Mark
The following account appeared in the books of Abdul. Hanif account Debit $ Credit $ Balance $ 2015 March 1 Balance 400 400 Cr 4 Purchases 250 650 Cr 18 Returns 100 550 Cr 31 Bank 392 158 Cr Discount 8 150 Cr Which statement is correct?
AOn 1 March Abdul owed Hanif $400.
BOn 4 March Hanif purchased goods, $250, from Abdul.
COn 31 March Abdul allowed Hanif $8 trade discount.
DOn 31 March Hanif owed Abdul $150.
✓ Correct answer
A: On 1 March Abdul owed Hanif $400.
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